Missives

To sound like a ‘broken record,’ now is a good time to start to talk to individuals about using their bonus applicable exemption amount before it disappears in 2026.

Due to the high capital gains taxes faced by art collectors when they sell artwork, deferring capital gains taxes should be seriously considered using a charitable trust.

It is not clear if a plaintiff’s cause of action for the tortious interference with an inheritance, expectancy, or a gift is viable in Michigan Courts.

In the past year or so, the pendulum seems to be swinging away from ESG investing, but questions remain with regard to a trustee’s fiduciary duties, especially when the trustee is pressed by trust beneficiaries to pursue an ESG investment strategy.

A widow, or widower, who receives an inheritance from a deceased spouse, even if covered by the unlimited marital deduction, could find themselves paying federal estate taxes, in their capacity as a transferee of the decedent’s estate.

While it is easy to create a Trust that complies with the Michigan Trust Code, there is no assurance that the Trust will be respected for federal tax purposes.

The terms of an irrevocable Trust can be modified by a probate court to reflect the settlor’s probable intent regarding tax objectives. However, there is also the limitation of the need for the state’s highest court to rule on that modification.

IRA custodian need to be attentive and knowledgeable when helping to open IRA accounts and when determining when required minimum distributions are mandated.

Could it be that settlors are better off not proofreading their Trust instruments before they are signed, if they later want to change their mind?